COIN jumps double digits while BMNR rallies alongside Ethereum as cryptocurrency-linked stocks outperform the broader market.
Coinbase ($COIN) and BitMine Immersion Technologies ($BMNR) surged Friday as a sharp rebound across cryptocurrency markets fueled renewed demand for crypto-linked equities.
Coinbase shares climbed more than 10% during morning trading, reaching roughly $192-$193 after closing Thursday at $173.97. The stock traded as high as approximately $195.59 intraday, putting $COIN on track for one of its strongest sessions in months.
The rally followed Bitcoin’s ($BTC) return above $80,000. Bitcoin gained approximately 5.5% over 24 hours, helping lift trading platforms and other companies with significant cryptocurrency exposure.
BitMine Immersion Technologies ($BMNR) also moved sharply higher, rising more than 8% to around $25.84 in late-morning trading. The move followed Thursday’s 4.7% advance and coincided with Ethereum ($ETH) climbing above $2,500.
BitMine has become closely tied to Ethereum price movements because of its massive ETH treasury. The company recently reported holdings of approximately 5.67 million ETH, representing about 4.7% of Ethereum’s circulating supply.
Friday’s crypto rally stood out against a weaker broader market, where rising Treasury yields pressured major indexes. Despite the Federal Reserve’s recent rate increase and the failure of the CLARITY Act in the Senate, investors returned aggressively to crypto-related stocks, sending $COIN and $BMNR sharply higher.
